Deadline looms for Spanish public to cash in pesetas for euros

Spanish citizens have until Wednesday to swap the peseta for euros or they will be left with worthless pieces of paper, writes Graham Keeley

The deadline to say goodbye to the peseta expires on June 30 definitively (Europa Press/Getty)

To many people of a certain age, the peseta is evocative of holidays in Spain when bundles of this exotic currency might buy a round of sangria or a paella.

However, for Spaniards who may have guarded bundles of the out-of-date currency under their mattresses or stuffed into suitcases, it’s time to cash in these hidden fortunes: they have until Wednesday to swap the peseta for euros or they will be left with worthless pieces of paper.

The Bank of Spain estimates that there are €1.5bn ( £1.28bn) worth of pesetas in circulation, stashed away in forgotten bank vaults or discarded envelopes.